The Bank of England expects inflation "to keep falling, this year and next," says Governor Andrew BaileyBut he adds it's "much too early to be talking about rate cuts," after today's decision to hold at 5.25%
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00:00 So inflation is falling and we expect it to keep falling this year and next.
00:05 Our increases in interest rates are working to bring inflation back to the 2% target.
00:11 So today we have voted to maintain bank rate at 5.25%.
00:16 Monetary policy remains restrictive.
00:19 Let me be clear, there is absolutely no room for complacency.
00:25 Inflation is still too high. We will keep interest rates high enough for long enough
00:31 to make sure we get inflation all the way back to the 2% target.
00:35 We will be watching closely to see if further increases in interest rates are needed.
00:41 But even if they are not needed, it is much too early to be thinking about rate cuts.
00:48 [BLANK_AUDIO]